Fear expressed over Kenya US free trade agreement
This comes as a follow up to the
recent visit of President Kenyatta to the United States where the US and Kenya
announced the launch of talks aimed at establishing a free trade agreement
(FTA) between them.
If successful, it would be the
first US FTA with a sub-Saharan African nation and potentially a model the US
will use to enhance its trade and investment relationship with other African
countries.
KEPSA CEO, Carole Karuga, however
warned that “Kenya should draw lessons from Morocco on the challenges and
opportunities that are emerging with the free trade agreement between them and
the US in order to learn and eventually do better.”
Also speaking, US Ambassador to
Kenya, Kyle McCarter, said, “We look forward to working together to create a
free trade agreement that allows Kenyan and American businesses to benefit from
increased access to each other’s markets and one where both our consumers will
enjoy greater prosperity through expanded choice and competition within the
marketplace. A successful US-Kenya FTA will stand as a landmark for East Africa
and for all of Africa.”
Free trade increases prosperity
for the citizens of all participating nations by allowing consumers to buy
more, better-quality products at lower costs. It drives economic growth,
enhanced efficiency, increased innovation, and the greater fairness that
accompanies a rules-based system. These benefits increase as overall trade
exports and imports increases.
Comments
Post a Comment